The most important data from the financial report of the Polenergia Group for the first 9 months of 2024:
• PLN 544,9 million – EBITDA result (+30% y/y)
• PLN 296,9 million – adjusted net profit (+39% y/y)
• PLN 861,6 million – revenues (excluding the trade segment) (+21% y/y)
• 1042 GWh – electricity produced in RES (+13% y/y)
• 574 MW – installed capacity in RES (+8% y/y, an increase of 45.2 MW)
• 3569 MW – capacity of RES projects in Poland in development.
Results generated by Polenergia confirm that our investments in the development of renewable energy sources are profitable and bring the expected results. We are not slowing down and are maintaining double-digit growth - compared to the same period last year, we increased the value of EBITDA by 30%, and the adjusted net profit by almost 40%. We are also constantly focusing on future investments and building solid foundations for their development.
Polenergia is growing in the wind farm and photovoltaic segment
The increase in EBITDA by PLN 125,1 million year-on-year, to PLN 544,9 million after three quarters of 2024, is mainly due to the higher result in the onshore wind farm segment (by PLN 146,7 million). This is primarily due to higher electricity prices obtained by the farms, due to the lack of extension to 2024 of the electricity price freeze for producers, as well as the commencement of operation of the Grabowo (44 MW) and Piekło (13.2 MW) wind farms.
The Group also achieved a higher result in the photovoltaics segment – by PLN 16,7 million (an increase of PLN 6,3 million) due to higher energy production in the PV segment, which was mainly due to the launch of the Strzelino farm in the first quarter of 2024.
Distribution at a high level
A higher EBITDA result compared to the result from the same period of the previous year was also recorded in the distribution segment. In the first 9 months of 2024, it amounted to PLN 39,1 million and was higher by PLN 24,5 million compared to the same period of the previous year. This was largely due to a higher unit margin on energy sales in this period of 2024, as well as a higher margin on the distribution of electricity.
The result of the gas and clean fuels segment also recorded an increase, by PLN 0,8 million, to PLN 5,8 million. This was due, among others, to the effect of optimisation of the Nowa Sarzyna CHP Plant and system services (Power Market). The Group recorded lower results in the trade and sales segment (by PLN 42,2 million). This resulted mainly from a lower result on other activities, including the sale of photovoltaic panels and heat pumps, and trading in electricity from renewable energy assets due to a change in the settlement model considering the higher purchase price from renewable energy projects.
The Polenergia Group’s sales revenues for the first three quarters of 2024 were lower by PLN 1,1 billion, which was mainly due to lower revenues in the trade and sales segment (by PLN 1,2 billion) and gas and clean fuels (by PLN 41,7 million), partially compensated by higher revenues in the onshore wind farm segment (by PLN 159,4 million) and distribution (by PLN 22,1 million). Excluding the trade and sales segment, Polenergia’s revenues in the January-September 2024 period increased by 21%, to PLN 861,6 million.
Company’s successes focused on development in the coming years
Recently, Polenergia issued and allocated Green Bonds for the first time in its history. As a result of oversubscription, the Group decided to increase the issue from PLN 500 million to PLN 750 million.
We have successfully issued the first Green Bonds worth PLN 750 million, which will provide significant support for our strategic projects. Demand exceeded our expectations, which shows that investors see the potential of Polenergia's investments in renewable energy sources and want to support our activities towards a zero-emission economy. Most of the funds raised from the bonds will be allocated to the construction of the Bałtyk 2 and Bałtyk 3 projects.
Together with Equinor, Polenergia is working intensively on the development of offshore wind farms with a total capacity of up to 3 GW, which will supply over 4 million households with green energy. The companies are focusing first on the Bałtyk 2 and Bałtyk 3 projects. The first energy from them is to flow into the grid in 2027, and the commercial stage of their use is planned from 2028.
Development in the offshore wind segment will be a priority for us in the near future. Our attention is currently largely focused on phase 1 projects, i.e. Bałtyk 2 and Bałtyk 3. In the third quarter, they already obtained a full set of building permits. During this period, we also signed a series of further contracts with the main suppliers for turbines, foundations, sea and land cables, as well as installation vessels for transport and installation of turbines, which significantly brings us closer to the implementation of these projects.
The Company also received confirmation of the price of the contract for difference for the Bałtyk 2 and Bałtyk 3 projects, which was set at PLN 319,6/MWh according to prices for 2021. Polenergia wants to enter the next financial year with optimally secured production, which is why the Company has already secured prices for 89% of the target production for 2025. This is to ensure stable and predictable cash flows in the future. Importantly, the secured price is higher than the current quotations.
In recent months, Polenergia has begun expanding into the commercialization of hydrogen. The company won a tender for the supply and distribution of hydrogen for 20 hydrogen buses of MPK Rzeszów. The estimated value of the tender is PLN 120 million, and the contract is planned for 15 years. H2HUB Nowa Sarzyna, Polenergia’s most advanced hydrogen project, which recently obtained a building permit, will be responsible for the supply of green hydrogen. The final investment decision for the project has not yet been made, and activities are underway to acquire recipients for the remaining volume.
Polenergia is also developing in the e-mobility segment, focusing on a dense network of charging stations throughout Poland powered by green energy. Recently, the group launched five charging hubs for electric cars, including four in service areas at Autostrada Wielkopolska and one in the Blue City Shopping Center in Warsaw. At the same time, the Chociszewo rest area has been equipped with ultra-fast 400 kW chargers. This makes it the only electric vehicle charging station in Poland with such high power, which allows charging the batteries of electric cars in just a few minutes. Polenergia is still working on launching more stations to ensure full coverage of the Konin-Berlin-Konin route with ultra-fast charging points.
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